Gold futures up 2.86% to $4,557/oz; silver up 3.49% to $67.74/oz.
Indian MCX gold at ₹1,55,793/10g, silver at ₹2,41,686/kg; ₹1.60 lakh a critical technical level.
Soft US Non‑Farm Employment data fuels expectations of a more accommodative Fed, while rupee movements influence Indian bullion prices.
Global Bullion Moves Gold futures on COMEX rose 2.86% to $4,557 per ounce before settling at $4,540.90 (16:25 GMT). Silver climbed 3.49% to $67.74 per ounce, buoyed by weaker bond prices and softer-than‑expected US Non‑Farm Employment data. The data suggest the Federal Reserve may keep rates steady, lifting demand for safe‑haven assets.
Indian MCX Performance and Technical Outlook Indian MCX gold futures for the October contract edged up 2.23% to ₹1,55,793 per 10 grams (22:05 IST), while silver rose 2.29% to ₹2,41,686 per kilogram. Analysts highlight ₹1.60 lakh per 10 grams as a pivotal level; a sustained close above this could signal a breakout to ₹1.65–1.70 lakh. Conversely, a break below ₹1.48 lakh would weaken the bullish trend. The rupee’s softness can add support to MCX gold, counteracting any pressure from rising Treasury yields.
Market Drivers and Outlook The Fed’s upcoming policy meeting keeps investors focused on upcoming US labor‑market and inflation data. Soft employment figures, as seen in the latest Non‑Farm Payrolls, suggest the Fed may maintain a more accommodative stance, benefiting gold. Analysts also note that geopolitical and fiscal uncertainties reinforce gold’s role as a reserve diversification tool. Indian investors should watch the interplay of the rupee, Treasury yields, and Fed signals for short‑term price movements.
